August 2. The company rented furnished office space by paying $2,100 cash for the first month’s (August) rent.The correct journal entry is:
A. Dr. Prepaid expense 2,100 Cr. Cash 2,100
B. Dr. Prepaid expense 2,100 Cr. Accounts payable 2,100
C. Dr. Rent expense 2,100 Cr. Cash 2,100
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July 23. Paid Kew Co. the balance due after deducting the discount.The correct journal entry is:
A. Dr. Accounts payable 2,000 Cr. Merchandise inventory 2,000
B. Dr. Accounts payable 2,000 Cr. Purchases returns and allowance 20 Cash 1,980
C. Dr. Accounts payable 2,000 Cr. Merchandise inventory 20 Cash 1,980
July 12. Received the balance due from Driver Co. for the invoice dated July 2, less discount.The correct journal entry is:
A. Dr. Cash 891 Sales discounts 9 Cr. Accounts receivable 900
B. Dr. Cash 900 Cr. Accounts receivable 900
C. Dr. Cash 891 Cr. Accounts receivable 891
July 9. Purchased merchandise from Kew Co. for $2,200 under credit terms of 1/15, n/60, FOB destination, invoice dated July 9.The correct journal entry is:
A. Dr. Merchandise inventory 2,200 Cr. Accounts payable 2,200
B. Dr. Merchandise inventory 2,200 Cr. Cash 2,200
C. Dr. Merchandise inventory 2,200 Cr. Notes payable 2,200
July 5. Scully company sold merchandise on account to Burton company, $5,000, terms FOB destination, n/30. The cost of the merchandise sold was $3,500.
A. For Scully company:Dr. Cash 5,000 Cr. Sales 5,000Dr. Cost of merchandise sold 3,500 Cr. Merchandise inventory 3,500For Burton company:Dr. Merchandise inventory 5,000 Cr. Cash 5,000
B. For Scully company:Dr. Accounts receivable 5,000 Cr. Fees earned 5,000Dr. Cost of merchandise sold 3,500 Cr. Merchandise inventory 3,500For Burton company:Dr. Merchandise inventory 5,000 Cr. Accounts payable 5,000
C. For Scully company:Dr. Accounts receivable 5,000 Cr. Sales 5,000Dr. Cost of merchandise sold 3,500 Cr. Merchandise inventory 3,500For Burton company:Dr. Merchandise inventory 5,000 Cr. Accounts payable 5,000
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